Spain's Banco Sabadell in $2.6 Billion Bid for Britain's TSB

March 12, 2015 11:23 AM

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Spain's Banco Sabadell has made a 1.7 billion-pound ($2.6 billion) cash offer to buy Britain's TSB, which last year split off from bailed-out Lloyds Banking Group.

TSB Banking Group PLC shares soared 26 percent in London following its Thursday statement that Sabadell made an offer valuing each TSB share at 3.40 pounds. In contrast, the share price of Barcelona-based Banco de Sabadell SA dropped 7.5 percent in Madrid following news of the tentative deal.